VANCOUVER, BC and LAS VEGAS , September 11, 2023 – (CSE: OVAT) (OTCQB: OVATF) – Ovation Science Inc. (“Ovation” or the “Company”), with its proprietary topical and transdermal cannabis products powered by its patented skin delivery technology Invisicare ® , today announced the signing of an exclusive licensing agreement with Planet 13 Holdings, Inc. (CSE: PLTH) (OTCQX: PLNHF) (“Planet 13”) , a leading vertically-integrated multi-state cannabis company, for the rights to Ovation’s topical / transdermal formulations for the state of Nevada .
Under the terms of the agreement, Planet 13 will have the exclusive manufacturing, sales and marketing rights for Ovation’s topical / transdermal products for Nevada . Ovation will receive royalties based on wholesale sales. Planet 13 owns and operates the world’s largest cannabis dispensary that has become a must-see destination for cannabis connoisseurs and tourists from around the world. Planet 13’s 112,000 square foot SuperStore and entertainment complex is located just off The Strip in Las Vegas . Planet 13 accounts for just under 9-percent of cannabis dispensary revenue for the entire state of Nevada .
“We are very pleased to reach this agreement with Planet 13, said Terry Howlett , President of Ovation. “Not only does Planet have the world’s largest dispensary but they have a robust wholesale division which services other dispensaries throughout Nevada . Additionally, as Planet 13 has extensive past success with Ovation’s topicals, it is ideally positioned to ensure a rapid and optimized re-launch of our products. We believe this partnership will be a game-changer for the marketplace and will generate maximum revenue in Nevada and value for our shareholders.”
“Our Planet 13 Las Vegas SuperStore has been the launchpad for many of the best cannabis brands because of the popularity of our store as a destination and the memorable experiences our guests have each time they visit,” said David Farris , VP of Sales & Marketing, Planet 13. “We look forward to this opportunity with Ovation Science and bringing our customers highly effective topical products both in our dispensary, through our wholesale accounts and online.”
Ovation leverages its expertise in the pharmaceutical industry by using its patented skin delivery technology Invisicare ® in its highly effective, proprietary products. Invisicare, backed by over 20 years of research and development, enables substantially more CBD and THC and other cannabinoids to be delivered to and through the skin, which translates into better results for patients. In a recent in-house study, Ovation compared five CBD brand leaders to Ovation Science’s topical CBD cream. All competitor creams tested release less than 2% CBD compared to 40% release from Ovation Science.
In conjunction with this announcement, the Company announces the termination of the License Agreement with Light House Strategies, LLC for the state of Nevada . The Company continues to have active discussions with multiple parties, seeking additional partners for the licensing rights in other US states and countries.
Statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and in Orange County, California . Planet 13 also holds a medical marijuana treatment center license in Florida and a dispensing license in the Chicago -region of Illinois . Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and on the OTCQX under the symbol PLNHF.
Ovation Science Inc. is a research and development company that develops topical and transdermal CBD/THC and other cannabinoid products which are out-licensed and also distributed under Ovation’s own brands; ARLO CBD Beauty and InVibe ® MD (“wellness” line); all powered by its patented Invisicare ® skin delivery technology. Invisicare enhances the delivery of ingredients to and through the skin and is protected by patents and proprietary formulations which cannot be duplicated. With over 20 years of pharmaceutical drug delivery experience, Ovation’s management and science team have created a unique pipeline of over thirty proprietary medical / wellness topical and transdermal products along with a line of anti-aging / beauty formulas. Ovation earns revenues from royalties on licensees’ sales and the sale of Invisicare, along with revenue from its own product sales. Ovation has offices in Vancouver, Canada and Las Vegas , USA .
